Greenland delays Trump-linked oil venture's drilling plans

Greenland's government has compelled a US oil company, GEC, linked to former President Donald Trump, to postpone drilling plans in the Arctic territory. GEC, a Nasdaq-listed oil and gas firm based in Texas, had aimed to acquire a drilling permit for the winter of 2027, a considerable delay from the earlier time frame. Greenland's authorities stated that the regulatory process needed more time to complete and that necessary approvals could not be obtained before the planned start of drilling.

The project, located in Jameson Land, a highly prospective undrilled basin on Greenland's east coast, is estimated to contain up to $1 trillion worth of crude. GEC's CEO, Robert Price, expressed the need for patience, flexibility, and a long-term perspective while refining plans and strengthening relationships with local communities, strategic partners, and authorities.

The British partner, 80 Mile, also confirmed the delay is due to the permitting and regulatory approval process, not a change in their plans for Jameson. The British firm holds the licences for the Jameson Land basin through its wholly-owned subsidiary, White Flame Energy, obtained before Greenland stopped issuing them in 2021 due to climate change concerns.

Notable individuals associated with GEC include Larry Swets, Trump's close associate, and US Navy veteran Carol Craig, who works on the America's Golden Dome missile defense system. Citadel, a hedge fund, recently acquired a 9.2% stake in GEC, while Kenneth Griffin, a billionaire hedge fund manager, owns 4.31 million shares, representing a 9.3% stake.

President Trump has recently shown renewed interest in acquiring Greenland due to its strategic location in the Arctic Circle, which he believes is vital for US national security. However, Denmark's Prime Minister, Mette Frederiksen, firmly rejected these claims, stating that Greenland is not for sale.